Market Forecast By Product Types (Face Creams, Body Lotions), By Distribution Channel (Online, Offline) And Competitive Landscape
Product Code: ETC010430 | Publication Date: Jun 2023 | Updated Date: May 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Vietnam Skin Care market currently, in 2023, has witnessed an HHI of 1711, Which has increased slightly as compared to the HHI of 1122 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
Vietnam Skin Care Market report thoroughly covers the market by product types and by distribution channel. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Vietnam Skin Care Market has emerged as a dynamic sector within the broader beauty and personal care industry. The market caters to a diverse consumer base with varying skincare needs, ranging from anti-aging and SPFs to nourishing and acne treatment. The consumers of Vietnam are increasingly adopting skincare routines and placing a higher emphasis on self-care, contributing to the Vietnam Skin Care Market Growth.
According to 6Wresearch, the Vietnam Skin Care Market is expected to grow by 3.76% resulting in a market volume of US$920.80m during the forecast period of 2023-2029. The market is propelling primarily due to the growing beauty-conscious population in Vietnam. Consumers are increasingly aware of the importance of skincare routines and are willing to invest in skincare products that enhance their appearance and promote healthy skin. Additionally, rising disposable income enables individuals to purchase premium skincare products, contributing to market expansion. Urbanization has led to increased exposure to environmental pollutants, which has resulted in greater skincare needs. Consumers are seeking products that protect against pollution and UV radiation, driving demand for specialized skincare products. However, price sensitivity remains a challenge in the Vietnam skincare market. Moreover, the presence of counterfeit skincare products in the market poses a challenge to consumers' safety and brand reputation. There is a growing preference for natural and organic skincare products. Consumers are seeking ingredients perceived as safe and gentle on the skin, leading to a surge in products containing natural extracts and minimal chemicals. Collaborations with influencers, dermatologists, and beauty experts support skincare brands to build trust and credibility in the market. The Vietnam skincare market size can vary over time due to consumer preferences and economic conditions.
The government has set regulations to ensure the safety and quality of cosmetics, including skin care products. These regulations are often rationalized to align with international standards. The government has stimulated the export of Vietnam cosmetics, including skin care products, to international markets. This is part of a broader strategy to boost the country's export industry. moreover, the government has implemented policies to protect consumers from counterfeit skin care products. Vietnam has offered incentives to attract foreign investment in the beauty and skincare industry, which has led to increased market competition.
The COVID-19 pandemic has had both positive and negative effects on the Vietnam skin care industry. Due to lockdowns and social distancing measures, online sales of skin care products witnessed significant growth. Many consumers turned to e-commerce platforms to purchase their skincare items. The pandemic disrupted global supply chains, affecting the availability of certain skincare products and ingredients. Physical stores were impacted by lockdowns. This led to changes in distribution strategies and a greater emphasis on e-commerce.
The competitive landscape has evolved with the presence of some leading players in the Vietnam skin care market including:
According to Nitesh Kumar, Research Manager, 6Wresearch, the Face creams segment is one of the fastest-growing and expected to dominate the Vietnam skincare market share. The growth is mainly driven by increased awareness of skincare routines, a desire for youthful and healthy skin, and exposure to environmental factors.
Based on Distribution channels, Online distribution channels are growing rapidly, driven by the convenience of online shopping, increasing penetration of the internet, and rising smartphone usage. While offline channels remain significant as they provide the in-person shopping experience.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Vietnam Skin Care Market Overview |
3.1 Vietnam Country Macro Economic Indicators |
3.2 Vietnam Skin Care Market Revenues & Volume, 2019 & 2029F |
3.3 Vietnam Skin Care Market - Industry Life Cycle |
3.4 Vietnam Skin Care Market - Porter's Five Forces |
3.5 Vietnam Skin Care Market Revenues & Volume Share, By Product Types, 2022 & 2029F |
3.6 Vietnam Skin Care Market Revenues & Volume Share, By Distribution Channel, 2022 & 2029F |
4 Vietnam Skin Care Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Vietnam Skin Care Market Trends |
6 Vietnam Skin Care Market, By Types |
6.1 Vietnam Skin Care Market, By Product Types |
6.1.1 Overview and Analysis |
6.1.2 Vietnam Skin Care Market Revenues & Volume, By Product Types, 2019 - 2029F |
6.1.3 Vietnam Skin Care Market Revenues & Volume, By Face Creams, 2019 - 2029F |
6.1.4 Vietnam Skin Care Market Revenues & Volume, By Body Lotions, 2019 - 2029F |
6.2 Vietnam Skin Care Market, By Distribution Channel |
6.2.1 Overview and Analysis |
6.2.2 Vietnam Skin Care Market Revenues & Volume, By Online, 2019 - 2029F |
6.2.3 Vietnam Skin Care Market Revenues & Volume, By Offline, 2019 - 2029F |
7 Vietnam Skin Care Market Import-Export Trade Statistics |
7.1 Vietnam Skin Care Market Export to Major Countries |
7.2 Vietnam Skin Care Market Imports from Major Countries |
8 Vietnam Skin Care Market Key Performance Indicators |
9 Vietnam Skin Care Market - Opportunity Assessment |
9.1 Vietnam Skin Care Market Opportunity Assessment, By Product Types, 2022 & 2029F |
9.2 Vietnam Skin Care Market Opportunity Assessment, By Distribution Channel, 2022 & 2029F |
10 Vietnam Skin Care Market - Competitive Landscape |
10.1 Vietnam Skin Care Market Revenue Share, By Companies, 2022 |
10.2 Vietnam Skin Care Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |